Industry News

The Singapore Manufacturing Federation (SMF) has endorsed Budget 2025 as a comprehensive plan that addresses both immediate challenges and long-term growth for the manufacturing sector. Announced on 18 February 2025, the budget includes measures to provide immediate financial relief, drive innovation, and ensure sustainability, aligning with the sector’s transition towards Industry 5.0.

Budget 2025 introduces a 50% Corporate Income Tax Rebate, capped at S$40,000, to alleviate financial strain due to rising energy costs and supply chain disruptions. Enhanced co-funding under the Progressive Wage Credit Scheme for 2025 and 2026 aims to ease wage inflation pressures, helping firms retain skilled workers. The SkillsFuture Workforce Development Grant offers up to 70% funding for job redesign in automation and digitalisation, preparing the workforce for Industry 4.0.

In the medium term, the budget focuses on innovation and sustainability. A S$3b top-up to the National Productivity Fund and a new semiconductor R&D facility highlight the government’s commitment to a robust innovation ecosystem. The S$150m Enterprise Compute Initiative supports SMEs in adopting AI solutions, while the $5 billion Future Energy Fund promotes renewable energy adoption.

Long-term, Budget 2025 aims to anchor Singapore’s global leadership in sectors like semiconductors and biopharmaceuticals. Workforce resilience is bolstered through SkillsFuture initiatives, ensuring agility in a changing technological landscape. The S$1b Private Credit Growth Fund provides capital for high-growth enterprises, enabling sustainable scaling.

SMF President Lennon Tan praised the budget, stating it equips businesses to scale and compete globally. As Singapore marks its 60th year of independence, SMF commits to working with stakeholders to implement these measures, ensuring the sector’s continued excellence amidst global uncertainties.

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The Singapore Institute of Management (SIM) and General Assembly have welcomed the government’s Budget 2025 initiatives, which aim to bolster the SkillsFuture programme and strengthen the corporate leadership pipeline. These measures are designed to ensure both individuals and companies remain competitive in a rapidly changing global environment.

Sima Saadat, Singapore Country Manager at General Assembly, praised the government’s commitment to upskilling through expanded SkillsFuture schemes. She highlighted the importance of not only focusing on individual skill development but also supporting companies in their transformation efforts. “Tech is no longer just big tech; every industry is becoming a tech industry,” Saadat noted, emphasising the need for organisations to enable their workforce to grow beyond traditional roles.

Mr Ho Seong Kim, CEO of SIM Academy, echoed these sentiments, stressing the critical need for lifelong learning and upskilling. He identified leadership, sustainability, and core skills such as communication as key areas for development in 2025. Furthermore, he highlighted the government’s focus on enhancing the corporate leadership pipeline, particularly for local leaders aspiring to regional and global roles. “To succeed in today’s BANI world, leaders must be able to deal with complexity,” he stated.

The initiatives outlined in Budget 2025 are expected to support both companies and individuals in addressing skill gaps and adapting to future market needs. However, both Saadat and Ho emphasised the importance of proactive engagement from companies and individuals in identifying and addressing these gaps. As Singapore continues to evolve, these measures aim to equip the workforce with the necessary skills to thrive in a complex, tech-driven landscape.

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United Nations experts have urged Singapore to immediately halt the execution of Malaysian national Pannir Selvam Pranthaman, scheduled for 20 February, citing violations of international human rights law. The call comes as Pranthaman’s family received just four days’ notice of his impending execution for drug trafficking charges.

The UN experts emphasised that under international law, the death penalty should only be applied to crimes of extreme gravity involving intentional killing. They criticised mandatory death sentences as inherently over-inclusive and in violation of human rights law. “There is no evidence that the death penalty does more than any other punishment to curb or prevent drug trafficking,” the experts stated.

The rate of execution notices for drug-related offences in Singapore has been described as “highly alarming” by the UN, with eight individuals executed since 1 October 2024. The experts have called on Singaporean authorities to commute Pranthaman’s death sentence to imprisonment, aligning with international human rights standards. They also urged Malaysian authorities to support Pranthaman’s case.

The UN experts, including Special Rapporteurs and members of the Working Group on arbitrary detention, have communicated their concerns to the governments of both Singapore and Malaysia. They continue to advocate for a halt to executions for drug offences, which they argue are illegal under international human rights law.

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Littler, the world’s largest employment and labour law firm, has announced the addition of Hyunchai Isabelle Sohn as Of Counsel to its Asia Pacific Regional Centre in Singapore. Sohn, who is licensed to practise in Korea, brings her extensive experience from InterLEX Consulting & Law and her previous role as in-house counsel for Samsung Electronics.

Sohn’s expertise spans a wide range of labour and employment matters, including internal investigations, trade secrets, and cross-border investment transactions. Her appointment is part of Littler’s strategic expansion in the Asia-Pacific region, aimed at bolstering its capabilities to provide strategic solutions to multinational employers. “Isabelle’s depth of experience both in-house and in private practice in Korea will further strengthen our ability to provide strategic solutions to multinational employers navigating today’s global marketplace,” said Trent Sutton, shareholder and leader of Littler’s Asia Pacific Regional Centre.

Sohn is a prominent figure in Korea’s legal community, having served as a legal advisor to several Korean governmental bodies and being recognised as a Leading Lawyer of Korea by Legal Times for three consecutive years. Her academic credentials include a J.D. from Korea University Law School and an LL.B. from Seoul National University, School of Law.

Sohn expressed her enthusiasm about joining Littler, stating, “With its preeminent global platform and knowledgeable solicitors in every area of labour and employment law, Littler is uniquely positioned to support the international organisations I serve.”

Littler’s Singapore office serves as a hub for labour and employment advice across Asia, leveraging local knowledge and a global platform to support both APAC-based and multinational companies.

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The Collective, owned and operated by Singapore-based JustCo, has officially opened its inaugural flagship luxury coworking space at GranTokyo South Tower in Tokyo. This 24,000-square-foot facility aims to redefine the coworking experience by merging refined hospitality with innovative workspace design, inspired by the iconic Tokyo Station.

Located in one of Tokyo’s prestigious Grade A buildings, The Collective offers seamless access to Tokyo Station and both Narita and Haneda Airports, positioning it as a gateway to global business opportunities. The space is designed to evoke the elegance of a luxury voyage, featuring sleek interiors and refined furnishings reminiscent of a first-class cabin. Each workstation is equipped with Herman Miller Aeron Chairs and Benel adjustable desks, promoting well-being and productivity.

The Collective provides a range of bespoke solutions, including private suites with 24/7 secured access and larger enterprise suites with tailored designs and exclusive features. The facility also boasts state-of-the-art video conferencing facilities and versatile meeting rooms.

Hospitality is at the core of The Collective’s offering, with amenities such as a daily gourmet breakfast, a TWG Tea Bar, and a weekly Aperitif Hour featuring handcrafted cocktails. The Wellness Sanctuary offers a space for relaxation, complemented by aromatherapy amenities from luxury skincare brand Aesop.

JustCo, Asia Pacific’s leading provider of flexible workspaces, continues to revolutionise the coworking scene with this new flagship, fostering growth and collaboration within its community.

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UOB Group has reported a record net profit of S$6b for the financial year ending 31 December 2024, marking a 6% increase from the previous year. This achievement is attributed to strong net fee income and robust trading and investment income. The bank’s Board has recommended a final dividend of 92 cents per ordinary share, bringing the total dividend for FY24 to S$1.80 per share, representing a payout ratio of approximately 50%.

The bank has also unveiled a S$3b package to distribute surplus capital over the next three years. This package includes special dividends and a new share buyback programme. A special dividend of 50 cents per ordinary share is set for 2025, distributing S$0.8b of surplus capital, coinciding with UOB’s 90th anniversary. Additionally, a S$2b share buyback programme has been introduced.

UOB’s net interest income remained steady at S$9.7b, with a 5% loan growth. Net fee income rose by 7% to S$2.4b, driven by double-digit growth in wealth fees and stronger credit card fees. The Group’s non-performing loan ratio stood stable at 1.5%.

Group Wholesale Banking saw a 20% increase in trade loans, whilst Group Retail experienced an 18% rise in credit card fees. Wealth management income surged by 30%, with high-net-worth assets under management reaching S$190b. The Group also added over 850,000 new customers in FY24, half of whom were acquired digitally.

UOB’s Deputy Chairman and CEO, Mr Wee Ee Cheong, stated, “The Group achieved a record net profit in 2024, driven by strong fee income as well as robust trading and investment income. Our long-term investments in regional platforms and capabilities are paying off, and we expect continued revenue growth this year.”

The bank’s sustainable financing portfolio increased by 43% to S$58b, underscoring its commitment to supporting customers on their green journeys. As UOB celebrates its 90th anniversary, it remains focused on long-term growth and stability, aiming to enhance shareholder value in the coming years.

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DBS has announced the appointment of Chen Ze Ling and Welson Jamin to key leadership positions, effective 1 April 2025. Chen Ze Ling, currently the Singapore Head of Corporate Banking, will take over as Group Head of Corporate and SME Banking, succeeding Koh Kar Siong, who will become Head of Group Audit. Meanwhile, Welson Jamin, the current Head of Institutional Banking Group (IBG) Operations and International Centres Technology & Operations, will be appointed as Group Head of Operations.

Chen, who has been with DBS since 2008, brings over 20 years of banking experience across various geographies. He was instrumental in establishing DBS’ Australia Branch in 2015 and has held senior roles within the IBG, including Country Head of DBS Australia. Chen will report to Han Kwee Juan, Group Head of Institutional Banking.

Welson Jamin, with 25 years of experience in technology and operations at DBS, has been pivotal in driving organisational transformation across 14 locations. His efforts have included the introduction of process improvements and the pioneering of Gen AI in operations. Jamin will report to Derrick Goh, who will assume the role of Group Chief Operating Officer on the same day.

These appointments underscore DBS’s commitment to nurturing internal talent and ensuring continuity in its leadership. As the bank continues to leverage digital technology to shape the future of banking, these leadership changes are expected to further strengthen its operational and strategic capabilities.

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Singapore’s 2025 Budget, unveiled today, has been met with positive reactions from tech companies, highlighting its focus on strengthening economic competitiveness and workforce skills. Key initiatives include the Enterprise Compute Initiative and enhancements to the National Productivity Fund, aimed at supporting small and medium enterprises (SMEs) in their digital transformation journey.

Koren Wines, Managing Director of Xero Asia, emphasised the importance of these initiatives for SMEs facing economic pressures. “Whilst the application of AI and unified data technologies can help SMEs unlock new levels of productivity, many businesses lack the technical knowledge and skills to fully harness these tools,” Wines stated. The Enterprise Compute Initiative offers consultancy services to guide businesses in integrating AI tools effectively, ensuring technology investments are maximised.

Jornt Moerland, Senior Vice President for Asia Pacific at Mendix, noted the budget’s potential to lower barriers for AI adoption. “The injection of 150 million dollars into the Enterprise Compute Initiative will deeply benefit the enterprise ecosystem by lowering the barriers to entry for AI tools,” Moerland said. This funding aims to help local enterprises integrate AI-assisted development into their processes, fostering an adaptable tech stack.

Dan Bognar, Vice President and Managing Director for JAPAC at HubSpot, highlighted the budget’s timing. “The Budget’s enhanced support for SME digitalisation arrives at a critical moment when businesses must accelerate their digital transformation,” Bognar remarked. He praised the combination of financial support and expert guidance, which addresses the need for practical AI adoption amongst Singapore businesses.

The 2025 Budget’s comprehensive approach to digitalisation is expected to position Singapore’s SMEs to compete effectively in the global digital economy, driving sustainable growth through technology adoption.

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Singapore’s Prime Minister, Lawrence Wong, has announced a S$150m allocation for a new Enterprise Compute Initiative as part of the Budget 2025, aiming to enhance the use of artificial intelligence (AI) among local businesses.

This move underscores the nation’s commitment to innovation and sustainability, according to Chua Hock Leng, Area Vice President for ASEAN and Greater China at Pure Storage.

The initiative is expected to significantly boost AI development across Singapore, aligning with the country’s broader goals of reducing carbon emissions and exploring sustainable energy options, including nuclear energy. Chua emphasised the importance of integrating IT modernisation with sustainability efforts, stating, “Singapore’s commitment to further reduce carbon emissions and the potential exploration of nuclear energy options demonstrate its commitment to foster a sustainable society.”

However, Chua also called for increased scrutiny of the energy consumption of data centres, which are integral to AI operations. Addressing this concern, he noted, “We would like to see greater scrutiny into the energy consumption of data centres. This will also contribute to the country’s carbon goals.”

The announcement reflects Singapore’s strategic focus on resilience and sustainability in its economic planning, encouraging the technology sector to innovate whilst considering environmental impacts. As businesses prepare to leverage the new funding, the emphasis remains on balancing technological advancement with ecological responsibility.

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In a recent Budget speech, Prime Minister Lawrence Wong underscored Singapore’s dedication to securing a clean energy future, with a focus on exploring nuclear energy and allocating an additional $5b to the Future Energy Fund.

This move comes as the city-state faces increasing energy demands from burgeoning industries such as artificial intelligence, semiconductors, and biopharmaceuticals, making the need for a reliable and low-carbon power supply more pressing than ever.

GE Vernova, a leader in energy solutions, has offered insights into the potential role of nuclear energy and small modular reactors (SMRs) in diversifying Singapore’s clean energy mix.

Kazunari Fukui, Asia Decarbonisation Leader at GE Vernova, emphasised the importance of considering key factors such as safety and learning from global best practices in nuclear energy deployment.

The evolving energy landscape in Singapore requires a delicate balance between energy security, affordability, and decarbonisation. Ramesh Singaram, President of Gas Power Asia at GE Vernova, highlighted the need for innovations in power generation, grid modernisation, and energy storage to ensure long-term energy security and sustainability.

As Singapore seeks to future-proof its power grid to meet the growing needs of high-tech industries, regional collaboration will be crucial in securing stable and sustainable energy supplies. This strategic approach aims to position Singapore as a leader in clean energy whilst addressing the challenges posed by rising energy demands.

The exploration of nuclear energy and the substantial investment in the Future Energy Fund signal a significant step towards achieving Singapore’s energy goals, with potential implications for the region’s energy transition landscape.

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